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I'm trying to get a better understanding of the effect of load on investment returns. In particular I took a look at a fund that was chosen for me by a vendor: American Funds 2045 target Date Retire A: https://www.morningstar.com/funds/xnas/aahtx/quote.html
I know it was a terrible choice considering that it is Class A fund with 5.75% load and an expense ratio of 0.72%.
When looking at a growth of 10K over 10 years shown on Morningstar Report, I want to understand whether the 10K was invested before the 5.75% was deducted or after. When comparing to Vanguard Target Retirement Fund 2045, American Funds actually appears to be a better option:
Vanguard growth of 10K over 10 years: $31,115
American Funds growth of 10K over 10 years: $32,115
Question: Is 10K invested before the 5.75% was deducted or after ?
Is anyone familiar with how Morningstar figures this out?

When Jack Bogle launched the first retail index fund in the U.S. market, his creation was labeled “un-American” by critics who believed that independent, profit-seeking American investors would never settle for the surety of an average return. Such notions reek of socialism, they cried. Bogle simply did not understand the American character. More likely, it was the critics who had misread America, or at least misread (or left unread) Democracy in America, the classic analysis of both democracy and the United States, in which Alexis de Tocqueville lays out exactly the reasons why Americans, sooner than any other nation, would prove apt to embrace indexing 150 years later.
http://news.morningstar.com/articlenet/article.aspx?id=823295